We all have to start somewhere, getting started is the hard part. Where do you start?
The very first step to property investing is researching. You need to know your market so that you can effectively compare properties and know when you have a deal or not. So take the time to do reading, researching and talking with people in the know.
Tips for getting started in property investment:
Know the Market
If you don’t understand the market, you won’t be able to make educated decisions.
You need to be very clear about your short and long-term goals. If you don’t know where you are going, any road will get you there.
Have a plan
Know what your strategy is going to be. Don’t change your mind once you have decided. If you change your mind half way, your results will be less than you hoped for.
Know the Risk
There are always going to be a risk when you invest in property. Investing in property has been a wise investment for a very long time, so know that in the long run it’s very likely you will come out ahead. But not always!
Stick to the facts
You are not living in the property, so don’t look for properties you love, look for properties that will give you the best yield.
Location, Location, Location
Buying close to schools and shops is a pretty safe bet when looking at investment properties. Especially a first one.
So get the right advice, do the research and follow your strategy and one day you may wake up and be a property tycoon!
What do you think, what would your best advice be for a new property investor?